Silver futures decline to Rs 52,406 per kg

September 20, 2013

New Delhi-INDIA ( Sept 20)  Silver futures prices fell 0.89 per cent to Rs 52,406 per kg today tracking a weak global trend and profit-booking by speculators.

On the Multi Commodity Exchange, silver prices for delivery in March plunged by Rs 470 or 0.89 per cent to Rs 52,406 per kg in a business turnover of seven lots.

Similarly, the white metal prices for delivery in December lost Rs 439 or 0.85 per cent to trade at Rs 51,311 per kg in 339 lots.

Market analysts said besides profit-booking by speculators, a weak trend in the precious metals overseas as the US economic data backed the case for reduced stimulus after the Federal Reserve this week maintained the pace of monthly bond purchases, put a pressure on silver futures here.

Further, the rising emerging market currencies, including the Indian rupee, making import of dollar-quoted precious metals cheaper, also weighed on the white metal prices, they said.

Globally, silver for spot delivery fell 0.58 per cent to $22.95 an ounce in Singapore today.

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